Doug Kass: Soon Time to 'Re-Risk'

Famed strategist Douglas Kass said Friday he is getting long the market and bullish financial names.

"I think it's approaching a time to re-risk," said Kass, founder and president of Seabreeze Partners, adding that the Standard & Poor's 500 Index is contained between the range of 1020 and 1150. "If the market continues to decline, I will expand the long book further."

Kass said he bought "a lot" of Citigroup and Bank of America Friday. He also likes JPMorgan Chase as a core position because he thinks its credit-quality story is the "most compelling." The strategist said JPM faces up to 8 months of reserve releases from the loan-loss provision.

The money manager said the market's upside is paralyzed by "tax and regulatory" traps. He thinks the series of economic data out this week increases the possibility that there will be some relief from that "logjam."

It does seem Kass has a knack for reading the market. Less than a week before the S&P 500 hit a generational low of 676 on March 9, 2009, Kass went on CNBC and predicted the bottom. On July 6, 2010, he said the market had made its lows for the year and so far, that has also proved to be true.

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